The Trump administration's widening trade war will raise prices for U.S. consumers, but it won't bring back many manufacturing jobs that have moved overseas.
That's what more than 800 companies said in a survey released Thursday by IHS Markit, a London-based economics research firm.
When the administration ramped up tariffs in July, President Donald Trump insisted the higher duties would encourage U.S. manufacturers to bring overseas jobs back home.
Instead, more than 4 in 10 companies surveyed said they plan to raise prices to offset the higher cost of production. Just 1 in 10 said they plan to reduce the share of total output produced outside the U.S. Roughly the same number said the tariffs would encourage them to move more jobs offshore.